UK-based Morgan Advanced Materials has completely exited Pune-based Foseco India by selling its entire 15.26 per cent stake for Rs 678.62 crore through open market transactions on Thursday.
The divestment was executed through the company's two affiliates, Morganite Crucible Ltd and Morgan Terrassen BV. According to block deal data available on the National Stock Exchange (NSE), the entities sold a total of 11,50,800 shares.
The shares were disposed of at an average price of Rs 5,897 apiece, bringing the total transaction value to Rs 678.62 crore. Following the transaction, shares of Foseco India rose marginally to close at Rs 6,100 apiece on the NSE.
A diverse group of domestic and foreign institutional investors stepped in to acquire the stake at the same price point.
Mutual funds managed by institutional players such as LIC, Motilal Oswal, Invesco, SBI, Mahindra Manulife, and Mirae Asset participated in the share purchase. Additionally, Catamaran Ventures, the family office of Infosys co-founder Narayana Murthy, also acquired shares in the company.
Among foreign investors, Morgan Stanley and Citigroup Global Markets were noted as acquirers of Foseco India shares based on the exchange data. Foseco India operates within the foundry sector.
"The complete exit of Morgan Advanced Materials through open market transactions demonstrates strong liquidity and deep institutional interest in established industrial companies within the Indian market. The participation of prominent domestic mutual funds alongside foreign institutional investors and family offices like Catamaran Ventures indicates a healthy broadening of the shareholder base. Such large-scale block deals reflect efficient price discovery and sustained confidence among institutional investors in the foundry and manufacturing sector." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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